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Kazakhstan government doubt capacity of ENI Corporation to execute conditions of Kashagan deposit agreement

Astana. September 6. Kazakhstan Today - The government of Kazakhstan has doubted the capacity of ENI Corporation to execute conditions of the agreement on Kashagan deposit. The Prime Minister of Kazakhstan Karim Masimov stated today at the II Eurasian energy forum in Astana. "Some of the actions of the participants of Kashagan development consortium, that in recent years acquired regular character, compel the government of Kazakhstan to doubt their capacity to execute conditions of the agreement," the leader of the government stated. He emphasized, "a delay of the beginning of commercial extraction of Kashagay oil and more than double growth of expenses on development of the deposit threaten Kazakhstan with serious social and economic consequences." As it was informed earlier, the Kazakhstan government has shown discontent with the work of Italian ENI, the operator of the Kashagan project. The reason became new estimates of the expenditures presented by the operator on development of the deposit, according to which the sum of expenses increased from about $57 billion up to $136 billion. The start of industrial extraction has been shifted from 2008 till 2010. The Kazakhstan party stated that it could withdraw ENI the status of the operator. The Environmental Protection Department of Kazakhstan suspended the license for the works on Kashagan deposit. According to the official version, the decision was accepted due to infringements of Agip KCO Consortium of the nature protection legislation of the Republic. Consortium Agip КСО realizes the North-Caspian project, that includes ENI (the uniform operator of the project), Total, ExxonMobil, Royal Dutch Shell - 18.52 % of the share, ConocoPhillips - 9.26 %, Inpex and KazMunayGas - on 8.33 %.

Resourse: Kazakhstan Today

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